Mile High Community Loan Fund (MHCLF) provides short-term loans to Non Profit and For Profit organizations for, 1) the development or preservation of affordable housing, 2) the development, redevelopment or renovation of commercial real estate in targeted neighborhood revitalization areas, and, 3) Non-profit organizations that serve low-income populations for the purchase and/or construction of facility space. MHCLF provides loans for projects located throughout Colorado.
Rates are set at the time of loan approval. For affordable housing projects, interest rates range between 4.5% and 9.0% and origination fees between 1.0% and 2.0%. Pricing is based on the amount and depth of affordable units in the projects. For non-profit facility projects, origination fee is 1% and interest rates range between 5.25% and 8%. Pricing is based on loan term and the total sources committed to the project.
MHCLF loans are unique in that while banks may limit borrowers to 60-90% of the value of the underlying real property, MHCLF can lend up to 100% loan-to-value. Gap financing and flexible repayment terms are another option offered to customers. Most loans have a term of between 6 and 24 months, and mini-permanent loans carry a term of up to 84 months.
Mile High Community Loan Fund’s Loan Committee meets weekly to ensure a speedy turnaround.
For more information, contact:
Director of Lending
(303) 860-1888 x2
Mile High Community Loan Fund, Funding Partners and Mercy Loan Fund have teamed up to establish a line of credit product designed specifically to help housing authorities and nonprofit affordable housing development organizations leverage their Neighborhood Stabilization Program resources.
Funds must be used for acquisition and rehabilitation of homes and residential properties that have been abandoned or foreclosed for the purpose of selling, renting or redeveloping affordable housing and/or various types of short-term and transitional housing/shelter projects.
Initially, up to $5.6 million is available.